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91_SB0858
SDS/910006/DGdo
1 AN ACT to amend the Illinois Income Tax Act by changing
2 Section 208.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 changing Section 208 as follows:
7 (35 ILCS 5/208) (from Ch. 120, par. 2-208)
8 Sec. 208. Tax credit for residential real property taxes.
9 Beginning with tax years ending on or after December 31,
10 1991, every individual taxpayer shall be entitled to a tax
11 credit equal to 5% of real property taxes paid by such
12 taxpayer during the taxable year on the principal residence
13 of the taxpayer. In the case of multi-unit or multi-use
14 structures and farm dwellings, the taxes on the taxpayer's
15 principal residence shall be that portion of the total taxes
16 which is attributable to such principal residence.
17 For taxable year 1998 and each year thereafter, the
18 Department must refund to each qualified taxpayer residing in
19 Illinois, who had income tax liability in the state of
20 Indiana, the full amount of the credit that the taxpayer
21 would have otherwise been entitled to under this section if
22 not for the Director of Revenue exercising his reciprocal
23 termination authority under Section 302 of this Act.
24 (Source: P.A. 87-17.)
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.